TikTok just declared Lil Nas X irreplaceable.
The video-sharing platform is auctioning off videos of the iconic rapper — along with a slew of other celebrities — as non-fungible tokens called TikTok Top Moments.
Non-fungible tokens, known as NFTs, are one-of-a-kind, verifiable digital assets that can’t be replicated. In the simplest of terms, they’re basically like limited-edition baseball cards or collectors’ items.
The “Montero (Call Me By Your Name)” singer is among a cohort of famous names, such as Bella Poarch and Grimes, who are partnering with TikTok to create the NFTs.
In a statement released by the company, it said the videos are made by “community-defining creators and inspired by the trending videos they created.”
The NFTs will also serve as a way for creators to be rewarded and recognized for their content, by means of fans getting the opportunity to own a culturally significant moment — albeit in pop culture.
They will be available on Ethereum, a piece of blockchain technology, throughout October and powered through Immutable X, which handles NFT trading.
TikTok claimed the proceeds will go to the creators, but declined to give exact percentages when asked by the Verge, only stating in its press release that a “large” portion will be going to the creators. The rest will go to Immutable X.
The opportunity to own a viral video seems enticing to young users of the app, but also comes with a risk: the environment.
But according to the press release, Immutable X is promising carbon-neutral technology with the help of StarkWare, which has created “the first carbon-neutral Layer-2 scaling solution for Ethereum.”
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